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Highlights
- Former Twitter CEO Jack Dorsey’s Twitter comment that Bitcoin would replace the US dollar raised eyebrows of many on social media platforms.
- Jack Dorsey stepped down as Twitter CEO and quit the company last month to focus on his fintech firm Block, formerly Square Inc.
- Bitcoin price surged 5.02% to US$48,652.09 at 11:58 am ET after his comment.
Former Twitter CEO and co-founder Jack Dorsey's comments that Bitcoin would replace the US dollar have raised many eyebrows on social media platforms Tuesday.
In reply to Grammy award-winning songwriter, rapper Cardi B's poser whether Bitcoin would replace the US dollar, Jack Dorsey replied with an emphatic yes. He tweeted: "Yes, Bitcoin will".
Their Twitter conversation attracted a lot of attention on social media.
Last month, Dorsey stepped down as Twitter CEO and quit the company to focus on his fintech venture, Block, formerly known as Square Inc.
Twitter’s Chief Technical Officer (CTO) Parag Agrawal has succeeded Dorsey.
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Dorsey, an avid supporter of cryptocurrency, recently endorsed blockchain technology for payments. He hailed the technology for its transparency. In a white paper on tbDEX, a decentralized bitcoin exchange, he said it would be a major part of the company's business.
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Dorsey’s Bitcoin plans
In February, Dorsey revealed that he and rapper Jay-Z planned to create a trust fund for Bitcoin development and searched for its board members.
Last month, Dorsey said they had shortlisted candidates for the trust's board members. The Block founder also intends to give around 500 bitcoins to the fund.
Dorsey wants to create an open Bitcoin-centric developer platform. The project, revealed in July, aims to offer permissionless, non-custodial, and decentralized financial services. Block will have a bitcoin mining system and a hardware wallet for the cryptocurrency.
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Dorsey strongly believes that Bitcoin would eventually become the world's currency. Despite the crypto market crash in 2018, he remained steadfast.
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Bottomline
Bitcoin (BTC) was up 5.02% to US$48,652.09 at 11:58 am ET on Tuesday after Dorsey’s comments. The cryptocurrency market is highly volatile. Hence, investors must carefully analyze the cryptocurrency market before investing in digital assets.
